American economist Joseph E. Stiglitz addressed the second UN Forum on Business and Human Rights on 3 December 2013. In his powerful speech he called on Governments to move beyond soft law  towards a binding international agreement on business and human rights. He concluded: “Economic theory has explained why we cannot rely on the pursuit of self-interest; and the experiences of recent years have reinforced that conclusion.  What is needed is stronger norms, clearer understandings of what is acceptable—and what is not—and stronger laws and regulations to ensure that those that do not behave in ways that are consistent with these norms are held accountable.”

Download his speech:  Joseph Stiglitz Speech